Generative artificial intelligence (GenAI)is a transformative force in today’s rapidly evolving technological landscape. According to a recent International Data Corporation (IDC) survey, GenAI significantly impacts an organization’s competitive position and business models in 3 key areas: product innovation, customer engagement, and operational efficiency.
GenAI can drive product innovation and offer the prospect of transforming products’ design, development, marketing, and delivery. By leveraging advanced algorithms and vast data sets, GenAI can generate new ideas and solutions. Businesses can stay ahead of the competition by harnessing Gen AI’s capabilities.
Customer engagement is crucial for businesses. GenAI has the ability to enhance customer engagement by providing personalized experiences and engaging communication. Understanding and anticipating customer needs is a game-changer for companies aiming to improve customer satisfaction and loyalty.
Businesses are always looking for ways to streamline their operations and cut costs. GenAI can automate repetitive tasks, analyze large amounts of data for valuable insights, and even predict maintenance requirements in industrial environments.
The survey found notable differences in expectations across geographic regions. In Asia/Pacific, survey respondents felt GenAI would affect customer engagement, experience, and support the most.
North American tech buyers identified financial and operational systems as the area most likely to be affected by GenAI, while their counterparts in Western Europe indicated that IT and line of business (LOB) technology decision-making would see the most impact.
Matt Acaro, research director for Computer Vision AI Tools and Technology at IDC, said, “What the survey results confirm is that the application of GenAI across business functions will be broad, and its impact will span a wide range of competitive and business model areas,” “Another thing the results highlight is that GenAI’s ability to process, understand, and derive value from a wide range of data sources is its real superpower.”
In today’s highly competitive market, embracing GenAI could be the key to maintaining a competitive edge and achieving lasting business success.
Also Read: IDC Forecasts 12.3% Growth in Asia/Pacific Security Spending for 2024
